What's up BP! Super excited to say I'm finally under contract with my first property in Diberville Ms. We have not closed just yet, but things are aligning well. My question is, what is my next step?
With this house I plan to house hack and AirBnB. Rent the two rooms upstairs and when I move out after my required time (because I bought with a VA Loan) AirBnB the downstairs area.
If I was to guess, I would say get my leasing agreements in order and checked out by an attorney then when the ink drys begin to advertise my vancies. If I jumped a step or you think I should be doing different, please be sure to let me know. Any advice is appreciated. Thanks in advance!
Congrats Ellis, sounds like you've got a great plan! My only suggestion would be chatting with an experienced local property manager or another investor to find out how they select their renters, and the features in the home that renters will most value. The best way to win in investment properties is to create a great product, and then set it up with a great tenant. Any other mix of the two options is bound for a messy portfolio in my opinion. :)
Be sure to make a detailed list of all cost associated with each AirBnB unit. State and local tax, local licenses, insurance, marketing, replenishing cost, etc...all add up. Good first step, now get to closing!
Thanks @Benjamin Serven your input is very appreciated!
Thanks @Kim Penn ! I was running the numbers while I was planning in the beginning and you’re so right about things adding up. Definitely plan on revisiting my list for errors.